{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\3 Estimation\Plot0.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 09:30:39
{txt}
{com}. /* Define local and global variables */
> 
> local path = "../../figures";
{txt}
{com}. /* Load data */
> 
> u year country counter_euro type IVLquant IVLdemand
>         if year==2020 & country=="USA"
>         using Estimation0, clear;
{txt}
{com}. /* Keep unique observation for euro area */
> 
> duplicates drop;

{p 0 4}{txt}Duplicates in terms of {txt} all variables{p_end}

(11 observations deleted)

{com}. /* Demean variables */
> 
> foreach var of varlist IVLquant IVLdemand {c -(};
{txt}  2{com}.         egen M`var' = mean(`var'), by(type);
{txt}  3{com}.         replace `var' = `var'-M`var';
{txt}  4{com}.         drop M`var';
{txt}  5{com}. {c )-};
{txt}(90 real changes made)
(90 real changes made)

{com}. /* Specify panel labels */
> 
> label define type_label
>         1 "A. Short-term debt"
>         2 "B. Long-term debt"
>         3 "C. Equity", replace;
{txt}
{com}. /* Figure: Predicted log demand vs. predicted log supply */
> 
> twoway (scatter IVLdemand IVLquant, m(none) mlabel(counter_euro) mlabp(0))
>         (lfit IVLdemand IVLquant, lc(gray)),
>         by(type, cols(1) yr xr legend(off) note(""))
>         ylabel(, angle(0))
>         ytitle("Predicted log demand")
>         xtitle("Predicted log supply")
>         xsize(3) ysize(9);
{res}{txt}
{com}. graph export "`path'/IV.eps", replace;
{txt}{p 0 4 2}
(file {bf}
../../figures/IV.eps{rm}
not found)
{p_end}
{p 0 4 2}
file {bf}
../../figures/IV.eps{rm}
saved as
EPS
format
{p_end}

{com}. twoway (scatter IVLdemand IVLquant, m(none) mlabel(counter_euro) mlabp(0))
>         (lfit IVLdemand IVLquant, lc(gray)),
>         by(type, rows(1) yr xr legend(off) note(""))
>         ylabel(, angle(0))
>         ytitle("Predicted log demand")
>         xtitle("Predicted log supply")
>         xsize(9) ysize(3);
{res}{txt}
{com}. graph export "`path'/IVL.eps", replace;
{txt}{p 0 4 2}
(file {bf}
../../figures/IVL.eps{rm}
not found)
{p_end}
{p 0 4 2}
file {bf}
../../figures/IVL.eps{rm}
saved as
EPS
format
{p_end}

{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\3 Estimation\Plot0.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 09:30:52
{txt}{.-}
{smcl}
{txt}{sf}{ul off}